In this succinct analysis, the Foundation examines the impact of the Governor's vetoes and proposed supplemental funding requests on the fiscal 2002 budget approved by the Legislature. While the budget would rely less on "rainy day" reserves to achieve balance under the Governor's proposals, it…

Massachusetts will face escalating multi-billion dollar state budget deficits over the next several years unless state leaders make major spending reductions in the fiscal 2002 budget, according to a new analysis by the Massachusetts Taxpayers Foundation. While large spending reductions are the…

Despite significant efforts to close a more than $1.35 billion budget gap in fiscal 2002, the state's financial leaders have failed to produce a balanced budget or to adequately address the multi-billion dollar financial problems that the state will face over the next several years. With only $600…

MTF warns that the state could face a $900 million revenue shortfall in 2002 if the trend of declining revenues in the first two months of the fiscal year continues. At the same time, not only is legislative approval of the fiscal 2002 budget woefully overdue, both the House and Senate version of…

MTF proposes tighter standards for using the Commonwealth's rainy day fund, ensuring that the fund is tapped only if deteriorating economic conditions cause a significant drop in state revenue growth.

Given the recent economic downturn, state tax revenue growth will slow markedly in fiscal 2001 and 2002, according to a forecast presented by MTF to members of the House and Senate Ways and Means Committees at their annual revenue hearing.

In its annual report on state spending, MTF reports that with tax collections weakening precipitously, achieving a balanced state budget for fiscal 2002 is likely to be the most difficult financial challenge in a decade. The report highlights three major trends which are converging to dramatically…

In its annual analysis of state spending, MTF reports that soaring expectations are creating a demand for a combination of major spending increases and large tax cuts that cannot be sustained in the long term. The report recognizes the Legislature and administration for the important steps adopted…